London, July 30 : The United Nations has admitted that five million pounds of aid intended for Burmese cyclone survivors has been skimmed off by banks run by the country''s military junta.
The missing money is likely to have lined the pockets of the ruling generals and their business cronies.
The scam, which is still occurring, involves forcing the UN to buy the local currency, the Kyat, at above the market rate by changing money through government backed Foreign Exchange Certificates (FEC).
A dollar currently buys around K 1,100 while a "one dollar" FEC only buys K880.